AFRICA’S GOVERNANCE RESPONSE TO COVID-19 | PRELIMINARY REPORT 2020 ANNEX2: SOVEREIGN CREDIT RATINGS SCALE Moody’s S&P Fitch Aaa AAA AAA Prime Aa1 AA+ AA+ High grade Aa2 AA AA Aa3 AA- AA- A1 A+ A+ A2 A A A3 A- A- Baa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB- Ba1 BB+ BB+ Ba2 BB BB Ba3 BB- BB- B1 B+ B+ B2 B B B3 B- B- Caa1 CCC+ CCC+ Caa2 CCC Extremely speculative Caa3 CCC- Ca CC CC C C Default immenent with little prospect for recovery D D C Upper medium grade Lower medium grade Non-investment grade speculative Highly speculative Substantial risk In default / / 64 “Junk”